Latest MedMen CEO leaves, board names new chief restructuring officer

Latest MedMen CEO leaves, board names new chief restructuring officer

Executive Chairman Michael Serruya also departed.

After less than seven months on the job, the CEO of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced her departure, and the board of directors has chosen a new chief restructuring officer to take over management of the struggling multistate operator.

Ellen Deutsch Harrison, who was named CEO last July, stepped down effective Jan. 19. Executive Chairman Michael Serruya also departed, effective Jan. 24, MedMen shared in a press release.

The company board of directors named Richard Ormond to be chief restructuring officer.

None of the changes were made with any fanfare; Deutsch Harrison was the latest in a long string of C-suite executives since 2020, all of whom have failed to turn the fortunes of the embattled multistate operator. Deutsch Harrison followed interim CEO Ed Record, who replaced Serruya, who had taken over for Tom Lynch.

MedMen shares hit zero value on stock exchanges this month, after the company was downgraded by the over-the-counter exchange and its shares were restricted from public viewing.

In a bid to stay afloat, the company also shed assets and exited the Arizona and Nevada markets last month, but it’s not clear if that’ll be enough. The company reportedly hasn’t even applied for recreational marijuana licensure in New York, despite holding one of just 10 medical marijuana permits in the Empire State and being eligible to launch adult-use sales.

The last time MedMen reported any quarterly earnings was in May 2023. At that point, the company was a going concern, with just $7.6 million in the bank and a working capital deficit of $383.2 million.

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